White House releases state-by-state data on student debt relief eligibility

The White House on Tuesday released state-by-state data on how President Biden's student debt relief plan will impact borrowers.

The big picture: Over 40 million borrowers are eligible for the debt relief, and nearly 20 million borrowers could see their entire remaining balance discharged, according to the White House.

• States with larger populations, including California, Florida, New York and Texas, have the most borrowers eligible for debt relief.

By the numbers: Nearly 90% of relief dollars will go to those earning less than $75,000 per year, according to the fact sheet.

• California has the most borrowers, with more than 3.5 million people eligible for the $10,000 debt relief, and some 2.3 million Pell Grant recipients eligible for the $20,000 forgiveness.
• Texas has about 3.3 million eligible borrowers and 2.3 million eligible Pell Grant recipients.

Of note: Increasing forgiveness for Pell Grant recipients is likely to help narrow the racial wealth gap, the White House said.

• Nearly 71% of Black undergraduate borrowers are Pell Grant recipients, and 65% of Latino undergraduate borrowers are Pell Grant recipients.

What's next: The Department of Education will release additional details in the coming weeks on how individuals can apply for the debt relief.

Go deeper: Inside preparations to challenge Biden's student loan forgiveness